The 3 HABITS That Made Me A MILLIONAIRE (Adopt These In 2023) | Graham Stephan & Lewis Howes

House Hacking

Graham Stephan emphasizes the importance of house hacking as a key strategy for building wealth. By purchasing a duplex and renting out one side, he was able to significantly reduce his housing costs and build equity. He explains, "If you could reduce your housing, because housing makes up 25% to 35% of your income, just a third of it is gone just for a place to live" 1. Stephan also highlights the networking benefits of his YouTube channel, which allowed him to reach thousands of people more efficiently than traditional real estate methods 2.

   

Frugality

Living frugally was another cornerstone of Stephan's financial success. He recalls how he would meticulously budget every expense, even calculating the cost of gas to visit a friend. "I was calculating the cost of gas to go and visit a friend and I determined how bad it is, though the cost of gas was not worth the time I would be able to spend with his friend" 3. Stephan also shares anecdotes of his extreme frugality, such as bringing a Subway sandwich to a fancy restaurant to save money 4.

   

Investment Lessons

Stephan discusses the lessons he learned from his investment experiences, including significant losses. He recounts a particularly costly mistake with Robinhood stock, where he lost around $150,000. "When you think of the dollar, I don't think of the dollar amount. Like, I really want to throw up" 5. Despite these setbacks, he stresses the importance of a diversified portfolio and planning for the future, debunking the myth that one should live only for today 6.